Purple Style Labs (PSL), the parent company of Pernia’s Pop-Up Shop, has approved plans to raise Rs 750 crore through a fresh equity issue as part of its initial public offering (IPO). The company may also pursue a pre-IPO placement of up to Rs 140 crore, which would reduce the main offer size.
This listing builds on a strong track record of funding success. In March 2024, PSL secured $40 million in a Series E round led by SageOne Flagship Growth OE Fund and Alchemy Long Term Ventures Fund. High-profile investors such as Bollywood actor Salman Khan and cricket legend Sachin Tendulkar also participated, placing the company in the spotlight as a D2C startup backed by celebrities.
Altogether, PSL has raised more than $87 million from backers including Binny Bansal and Volrado Venture Partners, positioning it among one of the most well-funded D2C brands in India.
Established in 2015 by IIT alumni Abhishek Agarwal, PSL was an early mover in building a luxury direct-to-consumer fashion platform in India. Its acquisition of Pernia’s Pop-Up Shop in 2018 proved pivotal, accelerating growth by integrating digital and physical retail. Today, the company operates over 15 EBOs across leading Indian cities as well as in London. PSL has also leased a 60,000 sq. ft. retail space in Mumbai’s Ismail Building, a space which was previously occupied by Zara, at a monthly rent of Rs 3 crore, showcasing a strong omnichannel strategy that blends online sales with premium offline experiences.
